The company's supervisory board approved the investments in plants, vehicles and development for the nine Volkswagen brands, Bloomberg News reported.
Volkswagen's Chinese joint ventures will spend an extra €10.6 billion through 2015.
"They're taking the necessary steps in lucrative markets like China, India and the U.S.," said Joerg Bode, who represents the German state of Lower Saxony on the company's supervisory board. "They've committed themselves to ambitious targets under the 'strategy 2018'"
Lower Saxony owns 20% of the automaker.